SHAREHOLDERS' EQUITY

12 Months Ended

Mar. 31, 2016

Stockholders' Equity Note [Abstract]

Stockholders Equity Note Disclosure [Text Block]

NOTE 8 - SHAREHOLDERS’ EQUITY

COMMON STOCK ISSUANCES

During the years ended March 31, 2016, 2015, and 2014, the Company issued the following common stock shares:

2016:

On March 22, 2016 a member of the Board of Directors exercised a stock option and the Company subsequently issued 20,000 shares its common stock which was valued at $.32 per share. The $6,400 payment required to complete the exercise transaction was not received by the Company until April 2016 resulting in a subscription receivable from the related party which was reflected in Shareholders’ Equity on the consolidated balance sheet.

On August 10, 2015, the Company issued 44,118 shares of its common stock to our Board of Directors which were valued at $0.17 per share, pursuant to our annual director compensation plan for the fiscal year ending March 31, 2016.

 

2015:

On September 5, 2014 the Company issued 46,875 shares of its common stock to our Board of Directors at $0.16 per share, pursuant to our annual director compensation plan.

2014:

On July 23, 2013 the Company issued 41,667 shares of its common stock to our Board of Directors at $0.18 per share, pursuant to our annual director compensation plan. 

EARNINGS PER SHARE

In accordance with FASB ASC 210, "Earnings per Share", basic earnings per share are computed by dividing the net earnings for the year by the weighted average number of common shares outstanding. Diluted earnings per share is computed by dividing earnings for the year by the weighted average number of common shares outstanding including the effect of common stock equivalents.

As of March 31, 2016 there were common stock equivalents to purchase 1,802,000 shares of common stock of which 1,580,000 were included in the computation of diluted earnings per share. For the fiscal year ended March 31, 2015 there were common stock equivalents to purchase 1,836,000 shares of common stock of which 880,000 were included in the computation of diluted earnings per share. For the fiscal year ended March 31, 2014 there were common stock equivalents to purchase 1,256,000 shares of common stock of which 820,000 were included in the computation of diluted earnings per share.

STOCK OPTIONS

On June 1, 2001, the Board of Directors approved the 2001 Stock Option Plan (“Plan”), as amended. The Plan was developed to provide a means whereby directors and selected employees, officers, consultants, and advisors of the Company may be granted incentive or non-qualified stock options to purchase common stock of the Company. As of March 31, 2016, the Plan had expired and no shares were available to be issued nor were any additional shares issued from the plan in Fiscal 2016.

A summary of stock option activity for each of the years presented is summarized below.

	Fiscal 2016				Fiscal 2015				Fiscal 2014
	Number of Options		Weighted Average Exercise Price		Number of Options		Weighted Average Exercise Price		Number of Options		Weighted Average Exercise Price
Stock Options:
Balance at beginning of period		1,896,000	$	0.22		1,896,000	$	0.22		1,307,380	$	0.22
Granted		170,000		0.23		60,000		0.17		640,000		0.21
Exercised		(20,000)		0.32		-		-		-		-
Forfeited		(74,000)		0.45		(60,000)		0.76		(51,380)		1.38
Balance at end of period		1,972,000	$	0.19		1,896,000	$	0.20		1,896,000	$	0.21
Options exercisable at end of period		1,802,000	$	0.18		1,836,000	$	0.20		1,256,000	$	0.22

The following table summarizes information about employee stock options outstanding at March 31, 2016: 

Range of Exercise Price	Number Outstanding at March 31, 2015		Weighted Average Remaining Contractural Life		Weighted Average Exercise Price		Number Exercisable at March 31, 2015		Weighted Average Exercise Price
$.03 - $.33		1,792,000		4.9		0.14		1,652,000		0.14
$.45 - $.93		180,000		1.7		0.61		214,000		0.61
*		1,972,000						1,866,000

* Total number of options outstanding as of March 31, 2016 includes 240,000 options issued on March 31, 2016, 2015 and 2014 to three directors as compensation and 645,000 options issue to key employees on July 1, 2013 that were not issued from the Plan.